5 Ways to Manage Growth Of Your Small Business to Avoid Growing Pains


Small business owners spend a lot of time thinking about how to make their business grow, but they are often not prepared when that growth happens. Scaling a small business to grow will require you to rethink how you operate. If you want to keep growing in a sustainable way, then you need to learn how to manage it. Here are few ways you can manage growth of your small business and keep your company running smoothly (and avoid growing pains!):

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1. Look internally before externally

Before you start hiring, think about the people you already employ. Is there someone on your team that could take on more responsibility? Is there a job that you do that someone else could do just as well?

Even if it requires a small raise, it's often better to promote within than to spend time and money on a new hire. Look for ways to better utilise your existing team — including yourself — to free up time for more profitable activities.

2. Use freelancers

Using freelancers can be a way of taking on new customers and growth without the expense of taking on a new full time employee. However, you need to be aware that you have to take a leap of faith and trust them. Good freelancers are skilled professionals that can quickly boost your capabilities. 

Try posting small jobs online to see what talent is available and try a few different freelancers to find one you like. Once you've found a good freelancer for your needs, then work with them to figure out a schedule and number of hours that keeps them engaged. This is important as you don't want them to abandon you because they found a better-paying gig. 

They may even become an employee eventually so keep that in mind. 

Recommended reading: The Ins and Outs of Business Process Outsourcing

3. Automate the easy stuff

There are many repetitive tasks that require time but little brain power. Look at things like invoicing, time tracking and email marketing for examples of things that could be done by software.

If you can cost-effectively turn a task over to a machine, then do so. Your local bank can help you find valuable automated resources such as credit card processing, business checking, tax accounting etc. Note that business reporting is a great place to look for inefficiencies, especially if you aren't using a CRM.

4. Let some things (and customers!) go

You may not be able to tell at first, but some jobs and clients are not going to be worth keeping as your company grows. As your pipeline fills, take the time to look at your current client roster, their account history, and the ease of working with them.

If a client isn't paying your full rate, is hard to work with, or doesn't often pay on time then think about dropping them as you gain new business. You may experience some temporary losses, but you'll be in a better position to take on new clients and will probably save yourself some headaches too.

5. Build the organisation to support your growth

Growth creates the best types of problems. Congratulations! You've got a growing business and now you have to build the organisation to support it. Yes, this can be stressful, but managing and planning the organisation growth can help avoid expected growing pains along the way. Keep building and adjusting and you'll get to a point where growth is something that you can celebrate without pain!

Recommended reading: Choosing the Right Growth Strategy

Over to you now. Any other tips for managing growth? Tell us in the comments below. 

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Monday, 16 December 2019
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